Citigroup upgraded Cigna (CI) to in-line from underperform, after the health insurer said it hired an advisor to explore the sale of its pension business.

Two Impath (IMPH) officials resigned, and shares were halted Wednesday after Impath said an internal committee is investigating possible accounting irregularities. Impath now expects second-quarter operating results to be well below analysts' estimates. Raymond James cut to underperform from market perform.

Metro-Goldwyn-Mayer 's (MGM) controlling shareholder Kirk Kerkorian and Tracinda Corp. will make a cash tender offer for up to 15 million MGM shares, at $16 per share. The offer price represents an approximately 26% premium over MGM's closing stock price of $12.70 on July 28. The announcement comes after MGM withdrew a $11.5 billion all-cash offer for the the assets of Vivendi Entertainment, saying the price was too high.

Genesis Microchip (GNSS) posted 4 cents first-quarter earnings per share vs. a 13-cent loss on a 30% revenue rise. Genesis sees $44 million to $48 million in second-quarter revenue, and $22.5 million to $23.3 million in total operating expenses, as well as a 15%-20% pro forma income tax rate.

Guitar Center (GTRC) posted 25 cents vs. 18 cents second-quarter earnings per share on a 14.9% revenue rise. It sees $298 million to $304 million in third-quarter sales and 22 cents to 24 cents earnings per share, and $1.43-$1.49 2003 earnings per share.